By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1. Unless
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.

2. You
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.

3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
Information.

4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.

5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.​​​​

Actions follow conclusion of methodology-related reviews and revision of government support considerations

NOTE: On December 30, 2015, the press release was corrected as follows: In the third paragraph of the REGULATORY DISCLOSURES section, changed the unsolicited credit ratings disclosure to: “These ratings were not initiated or not maintained at the request of the rated entities”. Revised release follows.

NOTE: On August 13, 2015, the press release was corrected as follows: The unsolicited and non-participating issuer disclosures as well as the rating text for the affected ratings were color-coded in purple. Revised release follows.

Limassol, July 03, 2015 -- Moody's Investors Service has today downgraded the deposit ratings of
DSK Bank PLC to Ba2/Not-Prime (from Ba1/Not-Prime) ,
and of Raiffeisenbank (Bulgaria) EAD to Ba3/Not-Prime (from Ba2/Not-Prime),
and changed their outlooks to stable. Today's downgrades
conclude the review initiated on 17 March 2015 (see press release at https://www.moodys.com/research/--PR_321005),
following the publication of Moody's new bank rating methodology and revisions
to its government support assumptions for these banks. Concurrently,
Moody's affirmed the two banks' baseline credit assessments
(BCAs) and adjusted BCAs, and has also assigned Counterparty Risk
Assessments (CR Assessments) of Baa2 (cr)/Prime-2 (cr) to DSK and
Baa3 (cr)/Prime-3 (cr) to Raiffeisenbank (Bulgaria), in line
with its new bank rating methodology.

In light of the new bank rating methodology, Moody's rating actions
generally reflect the following considerations (1) the "Weak+" macro
profile of Bulgaria; (2) the banks' modest but improving core financial
ratios; (3) Moody's view of a high probability of affiliate
support; (4) the limited protection offered to depositors and senior
creditors as assessed by Moody's Advanced Loss Given Failure (LGF) analysis,
reflecting the limited benefit of instrument volume and subordination
protecting creditors from losses in the event of resolution; and
(5) Moody's view of a decline in the likelihood of government support
for the two institutions.

RATINGS RATIONALE

The new methodology includes several elements that Moody's has developed
to help accurately predict bank failures and determine how each creditor
class is likely to be treated when a bank fails and enters resolution.
These new elements capture insights gained from the crisis and the fundamental
shift in the banking industry and its regulation.

(1) THE "WEAK+" MACRO PROFILE OF BULGARIA

Bulgaria's Macro Profile reflects subdued economic growth,
challenges faced in improving the level of transparency and combating
corruption, and legal constraints that prevent the banks foreclosing
on collateral, on time. However, the Macro Profile
also captures the banks' improving funding conditions and reduced
reliance on foreign funding, primarily sourced from foreign parent
banks.

Moody's view of high likelihood of affiliate support from the parent
banks, in case of need, given the parent banks' commitment
to the Bulgarian market and the strategic fit of the Bulgarian subsidiaries
to their groups.

Under its new methodology, Moody's applies its Advanced LGF analysis
to the liability structures of banks subject to operational resolution
regimes. Moody's expects that Bulgaria, as a member of the
European Union, will introduce bank resolution legislation in line
with the EU Bank Recovery and Resolution Directive (BRRD). Accordingly,
Moody's applies its Advanced LGF analysis to these banks' liability structures.
Under Moody's Advanced LGF analysis, both banks' long-term
deposit ratings take into account their moderate loss-given-failure
because of their relatively low volume of wholesale deposits and low volume
of debt subordinated to it, leading to no uplift from the banks'
adjusted BCAs.

(5) DECLINE IN THE LIKELIHOOD OF GOVERNMENT SUPPORT

The lowering of Moody's government support assumptions and the removal
of one notch of government support in the banks' deposit ratings
reflects: (1) the expected implementation of the new bank recovery
and resolution legislation; and (2) the country's unwillingness
to support senior creditors following the failure of Corporate Commercial
Bank (ratings withdrawn) in 2014, then the country's fourth-largest
bank.

--- BANK SPECIFIC ANALYTIC FACTORS

--- DSK Bank PLC

The one-notch downgrade of DSK's long-term deposit
rating to
Ba2 from
Ba1 reflects (1) the affirmation of the bank's BCA
at ba3 and its adjusted BCA at ba2, which includes Moody's
assessment of affiliate support; (2) the Advanced LGF analysis,
which provides no uplift from the bank's adjusted BCA; and (3) the
reduced government support assumptions, which lead to the removal
of government support uplift.

DSK's standalone BCA of ba3 reflects the bank's high, albeit
declining, stock of NPLs (defined as impaired and past due 90 days),
which comprised 19.6% of loans as at December 2014,
and modest earnings generating capacity owing to continued bank deleveraging
and declining net interest margins. These factors are counterbalanced
by the bank's sound capital buffers with a reported Tier 1 ratio
of 17.6% as at December 2014 and the strong liquidity and
funding profile that has benefited from an inflow of deposits.
Also DSK's net profitability has been growing with return on average
assets improving to 2.6% in FYE2014 (2012:1.9%)
owing to reduced provisioning requirements.

Moody's believes that there is a high probability of affiliate support
from its parent, OTP Bank NyRt (OTP; local-currency
deposits Baa3 stable, BCA ba2). This is based on DSK Bank's
importance to the OTP group and the parent's commitment in maintaining
its presence in the Bulgarian market. DSK Bank is a well-integrated
subsidiary and benefits from operational and supervisory support from
OTP. As a result of the affiliate support assessment, DSK
Bank's adjusted BCA is ba2, one notch above its BCA.

Under Moody's Advanced LGF analysis, DSK Bank's long-term
deposit ratings take into account their moderate loss-given-failure
because of the bank's relatively low volume of junior deposits and low
volume of debt subordinated to it, leading to no uplift from the
bank's ba2 adjusted BCA.

Moody's reduced the government support assumption for DSK Bank to "low"
upon the expected implementation of resolution legislation and following
the country's unwillingness to provide support to senior creditors
of Corporate Commercial Bank in 2014. As a result, Moody's
no longer includes rating uplift for government support in the deposit
ratings.

--- Raiffeisenbank (Bulgaria) EAD

The one-notch downgrade of Raiffeisenbank's long-term
deposit rating to
Ba3
from
Ba2
reflects (1) the affirmation of the bank's
BCA at b1 and the adjusted BCA at ba3, which includes Moody's
assessment of affiliate support; (2) the Advanced LGF analysis,
which provides no uplift from the bank's adjusted BCA; and (3) the
reduced government support assumption, which leads to a removal
of government support uplift.

Raiffeisenbank's affirmed standalone BCA of b1 reflects the bank's
high, albeit declining and below the system average, stock
of NPLs (defined as impaired and past due 90 days), which comprised
13.8% of loans as at December 2014 (2013:18.7%),
its modest coverage of NPLs by reserves at 56% and the high provisioning
requirements which exert pressure on profitability, although this
has improved in 2014. These factors are counterbalanced by the
bank's strengthened capital buffers with a reported Tier 1 ratio
of 26.1% as at December 2014, and a large volume of
liquid assets that underpins its strong liquidity profile.

Moody's believes that there is a high probability of affiliate support
from its parent, Raiffeisen Bank International (RBI; deposits
Baa2 negative, BCA ba3). This is based on RBI's commitment
in maintaining its presence in the Bulgarian bank and the strong operational,
supervisory and funding support it provides. As a result of the
affiliate support assessment, Raiffeisenbank's adjusted BCA
is ba3, one notch above its BCA.

Under Moody's Advanced LGF analysis, Raiffeisenbank's long-term
deposit ratings take into account their moderate loss-given-failure
because of the bank's relatively low volume of junior deposits and low
volume of debt subordinated to it, leading to no uplift from the
bank's ba3 adjusted BCA.

Moody's reduced the government support assumption for Raiffeisenbank to
"low" upon the expected implementation of resolution legislation and following
the country's unwillingness to provide support to senior creditors
of Corporate Commercial Bank in 2014. As a result, Moody's
no longer includes rating uplift for government support in the deposit
ratings.

The stable outlook on Raiffeisenbank's ratings balances the improvements
in the bank's asset quality and capitalisation against a potential
weakening of its parent bank to provide support as indicated by the negative
outlook on the parent's ratings.

--- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS

Moody's has also assigned CR Assessments of Baa2 (cr)/Prime-2 (cr)
to DSK and Baa3 (cr)/Prime-3 (cr) to Raiffeisenbank (Bulgaria).
CR Assessments are opinions of how counterparty obligations are likely
to be treated if a bank fails and are distinct from debt and deposit ratings
in that they (1) consider only the risk of default rather than expected
loss; and (2) apply to counterparty obligations and contractual commitments
rather than debt or deposit instruments. The CR Assessment is an
opinion of the counterparty risk related to a bank's covered bonds,
contractual performance obligations (servicing), derivatives (e.g.,
swaps), letters of credit, guarantees and liquidity facilities.

For Bulgarian banks, the CR Assessment is positioned, prior
to government support, three notches above the banks' Adjusted
BCAs, based on the cushion against default provided to the senior
obligations represented by the CR Assessment by subordinated instruments.
The main difference with Moody's Advanced LGF approach used to determine
instrument ratings is that the CR Assessment captures the probability
of default on certain senior obligations, rather than expected loss,
therefore Moody's focus purely on subordination and take no account
of the volume of the instrument class.

The CR Assessment does not benefit from any government support,
in line with our support assumptions on deposits.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward momentum on the banks' ratings could develop from a further reduction
in banks' problem loans and a sustained improvement in their profitability.

The principal methodology used in these ratings was Banks published in
March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.

These ratings were not initiated or not maintained at the request of the rated entities.

These rated entities or related third parties did not participate in the
rating process. Moody's was not provided, for purposes
of the rating, access to books, records and other relevant
internal documents of these rated entities or related third parties.

Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.

Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.